This, direct from iBiquity's own website...
The future for AM HD Radio doesn't feel nearly as secure. Ibiquity seems to have made a concession to the reality of staying alive here and now on the medium-wave band by offering a compromise mode of AM IBOC that trades down digital bandwidth for acceptable analog audio quality. Among AM license holders, interest these days seems to have shifted from a digital solution to AM's woes to what's available in the next FM translator filing window. To be sure, AM IBOC still has a few champions, but looking at receivers, it's clear their passion isn't moving anyone at the retail level. Long wavelengths remain a huge handicap in an era of tiny, processor-driven devices.